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Which would be recorded as gain or loss on foreign exchange

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Problem 1: MAK received inventory on account for US $500,000 on December 15,20X6 and paid the invoice January 15, 20X7. The exchange rate on the purchase date was US$1=C$1.10; at the December 31 year-end was US$1=C$1.12; and on the payment date was US$1=C$1.09. Which would be recorded as a gain or loss on foreign exchange at the December 31 year-end?

Reference no: EM132647455

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